"That's m'boy!"
Posted on 01/28/2014 8:12:10 PM PST by Rusty0604
Earlier today we hinted at what was coming in "Obama To Unveil Treasury IRAs." Well, here it is, and it even has a catchy name. Presenting: the MyRA, and since it offers "guaranteed return and no risk" we now know where all the Fed's bond trades will go to work once QE ends.
From the president:
Let’s do more to help Americans save for retirement. Today, most workers don’t have a pension. A Social Security check often isn’t enough on its own. And while the stock market has doubled over the last five years, that doesn’t help folks who don’t have 401ks. That’s why, tomorrow, I will direct the Treasury to create a new way for working Americans to start their own retirement savings: MyRA. It’s a new savings bond that encourages folks to build a nest egg. MyRA guarantees a decent return with no risk of losing what you put in. And if this Congress wants to help, work with me to fix an upside-down tax code that gives big tax breaks to help the wealthy save, but does little to nothing for middle-class Americans. Offer every American access to an automatic IRA on the job, so they can save at work just like everyone in this chamber can...
And just like that, the "automatic" continuity to the Fed's Quantitative Easing is ensured.
One final point: in the aftermath of the demonstration that the market is run by absolute idiots, courtesy of TWTRQ and NEST, we fully expect that tomorrow Myriad Entertainment & Resorts, stock ticker MYRA, trading at a lofty price of $0.00, will soar tomorrow to, what else, Obama's target price of $10.10.
"That's m'boy!"
Satan’s getting a room ready for Mr. Madoff.
When I suggest to get out of the Matrix, what I mean is to get it out of any electronic account that can be closed and raided on a whim by the government, and into something that can’t be reached.
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Thanks, Vince, for the tips and the links. Appreciated.
Getting $$$ out of the electronic realm was my interest. I’m an ‘oldster’ now and just don’t to lose what little savings I’ve acquired. ...I want to live in my modest style and leave something to kid and grandkids.
I can guess who his roomie will be.
You DID just fall off the turnip truck, didn’t you? ;-)
It is, and it’s the philosophy of the ZeroHedge site. Check it out.
An investment with no risk.
Think he just violated the federal securities laws with that whopper.
Is that "automatic" as in "mandatory" i.e. a new Social Security tax to put on top of the old one?
Somebody once said, “Capitalism without failure is like religion without sin.” This is Øbama’s world.
I am sure you are guaranteed that you will get back at least the same number of dollars you “invested.” That way you don’t lose any money. Value is a different story, though.
It’s.
“If you like your 401k, you’ll get to keep your 401k.’
Guarantees.
A necessary step before declaring that ALL retirement funds in any program private or public must be replaced with these government guaranteed bonds. They will be your masters, one way or another. Dick Gephardt spilled the beans on this plan a couple of decades ago!
I cashed out my IRA shortly after I heard the suggestions that Uncle might like to swap me for government bonds.
He buys and takes possession of physical gold.He buys some carefully researched gold mining stocks. He buys ammo and storable preserved foodstuffs. Etc.
Wow! This is gonna be just like Social Security! And that worked out so well....
You’re exactly right. This is for suckers.
Anything they promise now can be changed later to suit them. They only have THEIR interests at heart.
I fear those days are gone. He has broken the Constitution so often and so blatantly.
They all have, including the damned Republicans who helped them with Obamacare, and us...who let them get away with it. Nobody stopped them.
Sigh.
Dictator in chief
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